How Bad Am I Screwed? :(

Well, I guess you can call me an idiot for finding this out now, but I went to make sure that the reverse switch was tight and it wasn't...because I soon found out that the threads have been stripped. Here's what the damage looks like...

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Is there some kind of solution to this or am I kinda screwed here?

Is there a helicoil that I can use here?

Has this happened to anyone else? Kinda the sucky side to having an aluminum transmission.

Any help is greatly appreciated, just when I thought I was near completion this comes up, kind of a spirit crusher.

if you drill and tap try to put the trans so the the hole is pointing to the ground (so as you drill the drillings are falling toward) also use some kind of grease then if you can with the hole still facing down somehow try and flush for ATF to help clean it out welding the hole may not work remember Aluminum is very porous and soaks up oil